between 51.0 & 51.5. with target at 44.6; 40.0.
That said the $ is looking strong and this might continue and push oil above the 51.5, if it does then wait and see approach.
Target remains the same at 38.5.
If this should close above the 44 level then i may look to close this out and take the profit.
Can always re-enter the trade.
pl consider the following facts:
a) if oil was really in demand, there was no need for OIL PRODUCERS, to cartelise the markets..and talk of decreasing production or freezing production. Oil is surely being fast replaced by Solar power (which is anyways the prime source of all energy).
(b) To evidence what i said above, think of the following: If all the exchanges on which Oil is traded, simply called for 100% margin coupled with PHYSICAL DELIVERY instead of CASH SETTLEMENT, oil would drop immediately to the actual price (which cannot be more than $20 per barrel).
one must think of the above fundamentals before thinking to BUY oil at the current prices. It is simply not sustainable - as it is far away from its fair pricing.